- Associated Press - Tuesday, August 17, 2010

NORWOOD, MASS. (AP) - Chip maker Analog Devices Inc. said Tuesday its fiscal third-quarter net income rose sharply to beat expectations, boosted by sales growth from the industrial and communications infrastructure markets.

For the three months ended July 31, the company earned $199.5 million, or 65 cents per share, up from a profit of $65.5 million, or 22 cents per share, in the same period a year earlier.

Revenue rose 46 percent to $720.3 million from $492 million.

Analysts, on average, were expecting a profit of 60 cents per share on revenue of $706.5 million, according to a poll by Thomson Reuters.

“Our continued profitability gains are the result of strong revenue growth coupled with a fundamentally improved cost structure,” said Jerald G. Fishman, president and CEO, in a statement.

The company forecast fourth-quarter earnings of 68 cents to 72 cents per share on revenue of $740 million to $770 million. That’s well above the earnings of 61 cents per share on revenue of $715.5 million that analysts have forecast.

Shares of Analog Devices climbed 45 cents to close $28.81, and gained 49 cents to $29.20 in aftermarket trading.

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